[quote=briansd1]I pretty much agree that one a homeowner is in the hole it’s very unlikely he can extract himself.

It’s better to call it water under the bridge and walk.

People are realizing this slowly as they hear from friends and relatives.[/quote]

I just encounterd my first strategic walk away homeowner.

They has a $7k house payment on a $1.2 mil house bought in 2006. They just moved 3 weeks ago into a rental house for $3500 per month in Carlsbad.

They put down $80k down on the house and figure at $3500 per month in savings they will have it made up in a couple of years.

I guess that is happening more and more now.